Hub to acquire large Lousisiana-based insurance agency

Hub International Limited has agreed to acquire substantially all of the assets of one of the largest Louisiana-based insurance brokers, Hibernia Insurance Agency, L.L.C., according to a press release.
Hibernia Insurance, an $18 million revenue brokerage firm, will become a new regional platform doing business as Hub International Gulf South (HUB Gulf South).
“The Hibernia Insurance Agency acquisition is a major step in our strategy to increase penetration of the southern United States,” said Martin P. Hughes, Hub International’s chairman and chief executive officer. Hub International acquired Fortun Insurance in Florida last summer and has indicated its desire to expand in the Southeast and along the Gulf Coast.
Based in Metairie, Louisiana, Hibernia Insurance employs 85 people at offices in Metairie, Lafayette and Baton Rouge. It serves clients throughout the Southeast and beyond the state of Louisiana including Alabama, Mississippi, Arkansas and Texas. Steve Terry, president of Hibernia Insurance, will become president of HUB Gulf South.
“Hibernia Insurance brings more than 40 years of solid client service anda high quality reputation to Hub,” Hughes added. “The company’s mix of commercial property and casualty and employee benefits is a good complement to HUB’s existing product lines. In addition, Hibernia Insurance offers clients specialized expertise in placement of non-standard marine, energy and propertyrisks.”
Closing of the acquisition, which is structured as an asset purchase, is expected to occur during the first quarter of 2007 and is subject to the satisfaction of customary closing conditions. HUB intends to offer employment to all active employees in good standing on the closing date. Financial terms of the acquisition were not disclosed.